Capgemini's new report, “Seizing theGDPR Advantage: from mandate to high-value opportunity” surveyed 1,000 executive and 6,000 consumers across eight markets to better understand the attitudes and readiness of businesses when it comes to GDPR as well as the opportunities the new regulation presents.
The firm found that British businesses are the most prepared despite the fact that only 55 per cent of those surveyed reported that they will be largely or completely compliant. Spain, Germany and the Netherlands were close behind at just over 50 per cent while Sweden has some catching up to do at just 33 per cent.
Capgemini's research also suggests that some companies are overlooking the business opportunity of GDPR. Almost one-third of firms are only focusing on compliance with 31 per cent of the businesses surveyed reporting that the focus of their program is to comply with the mandate rather than gain competitive advantage.
The research also suggested the benefits of being prepared for GDPR and the firms who have managed to get ahead of the deadline are already starting to reap the rewards. Of the consumers that are convinced an organisation is able to protect their data, 39 per cent purchased more products and increased their spending with that firm as a result. The benefits also go beyond spending, with 49 per cent of consumers saying that they have shared their positive experiences with friends and family which helps bolster a firm's reputation among consumers.
Global GDPR leader at Capgemini, Willem de Paepe highlighted the business opportunity that GDPR presents when firms have prepared accordingly, saying:
“Executives now have a great chance to use GDPR to create a customer-first privacy strategy. That business opportunity is significant. Beyond gaining consumer confidence and increased spending, knowing exactly what data is held allows firms to use analytics more effectively and improve operations. Firms will also know which files they must delete, freeing up valuable storage space and reducing some of the $3.3 trillion it will cost to manage data globally by 2020.”
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